For the day nifty opened higher, however keeping with the over all negative sentiment globally, bears took a 236 points swipe at the bull. Nifty closed at 16648.60 closing 1.4% down. Nifty formed a dark cloud pattern which means temporary reversal of uptrend. Immediate support for Nifty is around 16500 to 16390. Banknifty tumbled 389 points and close at 34930. Immediate support for Banknifty is around 34296 to 33916.
Sector Performance
| Sector | Change | % Change |
| Metal- Top loser | -250.95 | ~4% |
| Auto- Top Gainer | 59 | .5% |
After market US trading hours
Today Asian markets were mostly down.
European stock are mixed, Most countries are flat to down.
American stock had positive start for the day Daw and Nasdaq are trending around 1.5% up.
Crude price has started to ease and has fallen below $100, Russia has expressed support for Iran Nuclear deal, this should further address crude supply in market.
Fed monetary policy update is due this week on 16th
The meeting assumes importance not only because it will determine the magnitude of the first rate hike by the Fed in three years as it battles inflation in the world’s largest economy that is at a multi-decadal high; experts will also be reading the fine print minutely to gauge the course of action the US central bank will adopt without jeopardizing economic recovery.
Moneycontol
Market seem to have factored .25bps raise in interest. Any drastic spike in interest rate will further spook the already volatile markets
China Covid cases area on raise and current lock down is bigger than 2021 crisis. Details are still emerging, any large scale nation wide lockdown seriously impact global supply change and will hamper economies which are slowly limping back to normalcy.
As for my trade, I have positions in metal stocks which has taken a beating today. I am hoping for a recovery tomorrow, else will have to do some fire fighting
Thanks
Sindbad
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